RWE head says company shoulders 'biggest burden' of German coal exit

The head of energy company RWE, Rolf Martin Schmitz, has said his company is "shouldering the biggest burden" of Germany's coal exit and that "the price RWE pays for a societal compromise is high." In an interview with newspaper Bonner General-Anzeiger, Schmitz said RWE would have to cut about 6,000 jobs by 2030, adding that employees would not have to fear ending up without support, but could count on financial assistance and socially acceptable employment termination agreements. Schmitz said while his company will receive 2.6 billion euros from the government over 15 years, the coal exit's total cost for RWE would amount 3.5 billion euros – "and this figure doesn't even include lost profits." However, the coal exit would not impede on the dividend payment to the company's shareholders, the CEO added.

RWE's share price spiked on 16 January, following the announcement of compensation payments to the company in the wake of Germany's coal exit roadmap agreement. German taxpayers will disburse a total of 40 billion euros in economic support over 20 years to coal workers and mining regions in order to cushion the effect of closed coal plants and mines.